Kolkata, 5th February, 2024: With 1.4 million square feet leased last year, demand for office space is at a nine-year high. Driven by strong tenant demand in all industries, the city saw the greatest level of office space sale in nine years in 2023—1.4 million square feet. The next-highest amount was leased in Kolkata in 2019 for 1.3 million square feet.
As per CBRE, the number of commercial real estate projects is expected to rise from 37% in 2022-23 to more than 40% in 2023-24. A lot of projects that had been delayed last year due to rising costs and other delays are in line to be finished by year-end and 2024, with several big-name developers behind them.
Significantly, demand and expansion have been propelled by the rise in transactions, particularly in outlying areas such as Rajarhat, Salt Lake Sector V, Topsia, and EM Bypass.
It must be noted that besides enterprises located in Kolkata, numerous national brands are also growing their corporate offices in the city, with a particular emphasis on the rapidly increasing startup and service sector companies searching for suitable space in the city.
Speaking on this, Mr B.P.Singh Roy, COO of Keventer Realty said, “As the modern office undergoes a transformative journey, Keventer Realty recognizes the pivotal role of open-concept workspaces, remote collaboration, and employee well-being. Embracing change is essential in shaping a dynamic and efficient work environment. We believe that by fostering collaboration, prioritizing technology, and emphasizing well-being, we not only enhance productivity but also redefine the very essence of work itself.”
Interestingly, Mr Piyush Beriwal – Managing Director – Jai Vinayak Group pointed out, “The demand for the office space sector has outperformed expectations this year with sustained absorption, driven by optimistic occupier sentiment and a surge in inquiries. Kolkata has been attracting foreign direct investment in sectors like IT, ITES, and manufacturing. The influx of foreign companies and investments has led to an increased demand for office spaces in the city.”
Echoing similar lines, Mr Hemanshu Pathak, COO of Keventer Realty, mentioned, “We recognize the pivotal role of space planning in shaping the modern office environment. Strategic design is not just about aesthetics; it’s a powerful lifestyle tool for optimizing collaboration, accommodating remote work, and prioritizing employee well-being. Keventer Realty is committed to innovative space planning that goes beyond physical layouts, creating environments that seamlessly integrate technology, foster teamwork, and adapt to the evolving needs of our workforce. Our approach ensures that our workspaces are not just places to work but dynamic hubs that inspire health, productivity and innovation.”
(This story has not been edited by News Mania staff and is published from a Media Release)
